The European Banking Authority (EBA) has launched a consultation on revised "Guidelines on Internal Governance" to reflect recent legislative changes and lessons learned from supervisory practice.
In the original Guidelines, the EBA defines risk culture as the norms, attitudes, and behaviours that shape risk awareness, risk-taking, and risk management. Poor governance, it warns, can undermine sound risk management. "Risks should be taken within a well-defined framework in line with the institution's strategy and appetite," the Guidelines note, with limits and controls in place.
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